LLP Law Manual book by Taxmann

LLP Law Manual is a comprehensive, authoritative, and practice-oriented reference for the complete law governing Limited Liability Partnerships in India. This Edition offers a meticulously curated combination of annotated legislation, expert commentary, updated rules, winding-up framework, SBO compliance, and all circulars & notifications relevant to LLPs. The Manual offers a uniquely blended structure, combining statutory text with in-depth guidance, making it invaluable for both compliance and advisory purposes. The included Guide to the LLP Act 2008 explains the evolution, purpose, and practical functioning of LLPs, highlighting why LLPs have emerged as an ideal hybrid between partnerships and companies, giving limited liability with managerial flexibility. The book also consolidates all major rules—from Incorporation and Annual Filings to Winding-Up, SBO identification, and Conversions—supplemented by the latest amendments and practical insights from regulatory practice.

This Manual is designed for a broad spectrum of professionals and stakeholders engaged in LLP-related operations:

• Company Secretaries, Chartered Accountants & Cost Accountants involved in LLP formation, compliance, agreements, accounting, and filings
• Corporate Law Practitioners, Legal Consultants & Law Firms advising business organisations, joint ventures, and professional partnerships
• Entrepreneurs, Start-ups & MSMEs evaluating the LLP structure for liability protection with operational flexibility
• LLP Partners, Designated Partners & Managers responsible for governance, disclosures, and statutory compliance
• Academicians, Researchers & Students pursuing corporate law, business structures, and governance frameworks
• Government Officers & Regulators handling approvals, filings, and enforcement under LLP legislation

The Present Publication is the 16^th Edition | 2026, amended up to 15th November 2025. This book is edited by Taxmann's Editorial Board, with the following noteworthy features:

• [Complete & Updated Statutory Compilation] Includes the fully updated and annotated text of the Limited Liability Partnership Act 2008, reflecting all amendments notified to date
• [In-depth Guide to LLP Law] A detailed, explanatory Guide to the LLP Act explaining:
• Hybrid nature of LLPs as a blend of partnership and company law
• Rationale behind the LLP framework
• Situational suitability for business, professionals, JVs, and start-ups
• Advantages such as limited liability, flexible management, and perpetual succession
• Procedural simplifications compared to the Companies Act
• [Comprehensive Coverage of LLP Rules]
• LLP Rules 2009
• LLP (Winding Up & Dissolution) Rules 2012
• LLP (Significant Beneficial Owners) Rules 2023
• [Covers Conversion Framework] Includes the Second, Third & Fourth Schedules regarding conversion of:
• Firm → LLP
• Private company → LLP
• Unlisted public company → LLP
• [Includes Circulars & Notifications] A consolidated and time-relevant compilation of MCA circulars, clarifications, and notifications impacting LLP governance, e-filing, penalties, adjudication, and compliance
• [Structured for Practical Use]
• Side-by-side presentation of law and guidance
• Clear headings, examples, and compliance notes
• Updated processes and e-filing requirements

The coverage of the book is as follows:

• Guide to LLP Act
• A detailed expository commentary synthesising:
• Comparison with partnership and company structures
• Practical governance issues
• Flexibility in LLP agreements
• Use cases for professionals, MSMEs, and JVs
• Illustrative explanations
• Division One – Limited Liability Partnership Act 2008
• Arrangement of Sections
• Text of the LLP Act 2008 (amended by the 2021 Act)
• Subject Index for quick cross-references
• Division Two – LLP Rules
• LLP Rules 2009 – Updated text covering incorporation, regulatory filings, and compliance
• LLP (Winding up & Dissolution) Rules 2012 – Comprehensive winding-up procedures
• LLP (Significant Beneficial Owners) Rules 2023 – Disclosure requirements and compliance measures
• Division Three – Circulars & Notifications
• An exhaustive list of MCA circulars explaining clarifications on LLP formation, FDI guidelines, conversion processes, special schemes (e.g., LLP Settlement Scheme), etc.
• Notifications on the applicability of select provisions of the Companies Act to LLPs
• Division Four – FDI in LLP
• Relevant paragraphs from the FDI Policy Circular
• Provisions of FEMA Non-Debt Instrument Rules 2019, enabling foreign investment in LLPs

The structure of the book is as follows:

• Annotated Statutory Act
• Full text of the LLP Act
• Section-wise annotations
• Cross-references to rules, schedules & judicial principles
• Legislative intent and practical interpretation
• Expert Guide & Commentary
• Placed before the Act, the Guide provides:
• Conceptual background
• Comparative explanations (Partnership Act vs Companies Act vs LLP)
• Practical illustrations
• Compliance guidance
• Supplementary Rules, Schedules & Notifications
• Sequential presentation of LLP Rules, Winding-Up Rules & SBO Rules
• Relevant Schedules for conversion processes
• MCA circulars, updates, and notifications integrated for quick reference